ImmunityBio (IBRX) Q4 2025 earnings summary

Executive summary

• Achieved a transformational year with $113 million in net product revenue for Anktiva, representing 700% year-over-year growth and a 750% increase in unit sales volume, driven by strong clinical adoption and international expansion across 33 countries, including major approvals in the U.S., EU, U.K., and Saudi Arabia, with first-in-world lung cancer approval in Saudi Arabia.

• Anktiva is positioned as the backbone of a multi-platform immunotherapy strategy, with ongoing and planned trials targeting bladder, lung, and other cancers, as well as lymphopenia, and over 30 active and planned clinical trials across 10 tumor types.

• Commercial momentum is sustained by repeat physician prescribing, favorable tolerability, durable patient responses, and significant investments in sales and medical affairs infrastructure, including over 100 sales professionals and new subsidiaries in Dublin and Saudi Arabia.

• Established commercial partnerships in the EU and MENA regions to support further expansion.

Financial highlights

• Net product revenue reached $113 million in 2025, up from $14.2 million in 2024, with Q4 2025 revenue at $38.3 million, a 431% year-over-year increase and 20% sequential growth from Q3.

• Full year R&D expenses were $218.6 million, up from $190.2 million, including a $14 million one-time fixed asset write-off; SG&A expenses decreased to $150 million from $168.8 million.

• Net loss narrowed to $351.4 million from $413.6 million in 2024, with net loss per share (basic) at $(0.38) for 2025, improved from $(0.59) in 2024.

• Cash, equivalents, and marketable securities totaled $242.8 million at year-end, with net cash provided by financing activities of $400 million in 2025.

• Major liabilities include $505 million in related party convertible notes and $325 million in revenue interest liability.

Outlook and guidance

• No forward financial guidance provided, but management expects continued revenue growth and international expansion, with launches in Europe and Saudi Arabia anticipated to drive further gains.

• BLA submission for BCG-naïve bladder cancer targeted for Q4 2026, with additional regulatory approvals and market access efforts ongoing in Europe and the Middle East, and planning accelerated approval submissions for lung cancer and multiple tumor types in 2026.

• Strategic focus on expanding indications for Anktiva, advancing CAR-NK and DNA vaccine platforms, and leveraging AI-driven manufacturing and operational efficiencies.

• Focused on converting rapid revenue growth into long-term shareholder value and expanding Anktiva’s label.